Under the revised framework effective December 3, registered intermediaries can digitally verify offshore individual investors using electronic forms, specimen signatures, or video verification with live geo-tagging and face-liveness checks. Intermediaries must gather necessary records, including PAN, passport, and foreign address proof, before submitting client details to a registration agency within three working days. KYC records can also be ported across entities even if specific attributes are not fully validated, though intermediaries retain ultimate due diligence liability. Separately, the regulator revoked the registrations of eight investment advisers who failed to pay their renewa…
Key points
Foreign individual investors from FATF-compliant nations can now complete their verificat…: Foreign individual investors from FATF-compliant nations can now complete their verification without traveling to India.
KYC portability has been expanded to allow record sharing across intermediaries even if n…: KYC portability has been expanded to allow record sharing across intermediaries even if not all attributes are validated.
Intermediaries retain the ultimate responsibility for regulatory compliance and conductin…: Intermediaries retain the ultimate responsibility for regulatory compliance and conducting enhanced due diligence on clients.
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They can now complete the process from Financial Action Task Force (FATF)-compliant countries without being physically present in India.
The revised framework will come into effect from December 3, Sebi said in its circular.
Under the framework, intermediaries registered with Sebi can accept digital submission of KYC information and supporting documents from such clients without requiring them to be physically present in India during the onboarding process.
The move is aimed at simplifying the onboarding process and easing compliance requirements for overseas investors.
"In order to ease the process of onboarding an individual Person Resident Outside India (PROI) client, it has been decided to review the existing provisions governing the KYC process. Individual PROI client shall mean a Non-Resident Indian (NRI), Overseas Citizen of India (OCI) or foreign national," SEBI said.
"The requirement of a client being in India during digital onboarding is being relaxed for an individual PROI client located in a FATF-compliant country, and the intermediary may accept digital submission of KYC information and supporting documents from such client," it added.
The regulator has also introduced greater portability…
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